Russia said on Friday it hoped to clinch a prisoner swap with the United States to return convicted Russian arms trafficker Viktor Bout, known as the “Merchant of Death”, in an exchange that would likely include U.S. basketball star Brittney Griner.

Amid the deadliest war in Europe since World War Two, Russia and the United States are exploring a deal that could see imprisoned Americans including Griner return to the United States in exchange for Bout.

“I want to hope that the prospect not only remains but is being strengthened, and that the moment will come when we will get a concrete agreement,” Russian Deputy Foreign Minister Sergei Ryabkov was quoted as saying by Interfax.

“The Americans are showing some external activity, we are working professionally through a special channel designed for this,” Ryabkov said. “Viktor Bout is among those who are being discussed, and we certainly count on a positive result.”

For the two former Cold War foes, now grappling with the gravest confrontation since the 1962 Cuban Missile Crisis, the exchange would mark one of the more extraordinary prisoner swaps in their history.

The distinctly upbeat remarks from Ryabkov, the foreign ministry’s point man for the Americas and arms control, contrast with previous statements from Moscow which have cautioned Washington against trying to engage in megaphone diplomacy over the prisoner swap.

The possible swap includes Griner, facing nine years behind bars in Russia after being convicted on drug charges, and Paul Whelan who is serving a 16-year sentence in Russia after being convicted of espionage charges that he denies.

Variously dubbed “the merchant of death” and “the sanctions buster” for his ability to get around arms embargoes, Bout was one of the world’s most wanted men prior to his 2008 arrest on multiple charges related to arms trafficking.

For almost two decades, Bout was one of the world’s most notorious arms dealers, selling weaponry to rogue states, rebel groups and murderous warlords in Africa, Asia and South America.

But in 2008, Bout was snared in an elaborate U.S. sting.

Bout was caught on camera agreeing to sell undercover U.S. agents posing as representatives of Colombia’s leftist FARC guerrillas 100 surface-to-air missiles, which they would use to kill U.S. troops. Shortly afterwards, he was arrested by Thai police.

Bout was tried on the charges related to FARC, which he denied, and in 2012 was convicted and sentenced by a court in Manhattan to 25 years in prison, the minimum sentence possible.

Ever since, the Russian state has been keen to get him back.

Griner has been transferred to a penal colony in the Mordovia region, southeast of Moscow, her lawyers said on Thursday, confirming a Reuters report.

At her trial, Griner – who played basketball for a Russian team in the U.S. off-season – said she had used cannabis for relief from sports injuries but had not meant to break the law. She told the court she made an honest mistake by packing the cartridges in her luggage.

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U.S. President Joe Biden will meet with business and labor leaders Friday, including the chief executives of Ford Motor (F.N), Kaiser Permanente and Carrier Group (CARR.N) and the United Auto Workers union president, a White House official said.

The meeting at the White House that will include in-person and virtual attendees includes the presidents of the Service Employees International Union and United Food and Commercial Workers union and will discuss the economy and meeting participants perspectives on the economy “and ideas they have to continue bringing inflation down,” the official said.

Ukrainian experts are already working at the site in the border area of southeastern Poland where a missile killed two people, Ukrainian Foreign Minister Dmytro Kuleba said on Friday.

He wrote on Twitter that Ukraine would continue “open and constructive” cooperation with Poland over Tuesday’s incident, in which two people were killed.

Warsaw and its Western allies say evidence from the scene points to the explosion being caused by a Ukrainian air defence missile that went astray in pursuit of a Russian missile. Kyiv denies this, saying it has evidence of a “Russian trace” in the blast.

“Ukrainian experts are already working at the site of the tragedy in Przewodów caused by Russian missile terror against Ukraine,” Kuleba wrote.

“I am grateful to the Polish side for granting (the experts) access. We will continue our cooperation in an open and constructive manner, as closest friends do.”

U.S. stock index futures rose on Friday after a selloff in the previous session driven by hawkish comments from a Federal Reserve official that stoked fears of more aggressive rate interest hikes from the central bank.

St. Louis Fed President James Bullard said on Thursday the U.S. central bank needs to keep raising interest rates given that its tightening so far “had only limited effects on observed inflation”.

The comments, coming on the heels of strong retail sales data, dampened hopes of the Fed toning down its hawkish approach on rate hikes following recent softer-than-expected inflation reports.

All the three major U.S. indexes posted losses for the second straight session on Thursday and are eyeing weekly declines after notching solid gains last week.

“We spent most of the day recovering from comments from the Fed about the direction of interest rates,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

“Markets are getting a little bit more comfortable with the fact that (a Fed pivot) is not likely.”

The Fed is expected to downshift to a 50-basis point rate hike in December, but economists polled by Reuters say a longer period of U.S. central bank tightening and a higher policy rate peak are the greatest risks to current outlook.

The retreat in stocks after Bullard’s comments “shows how sensitive markets can be when it comes to the eventual destination of the terminal rate,” said Michael Hewson, chief market analyst at CMC Markets.

At 7:07 a.m. ET, Dow e-minis were up 197 points, or 0.59%, S&P 500 e-minis were up 31.25 points, or 0.79%, and Nasdaq 100 e-minis were up 116.25 points, or 0.99%.

Gap Inc (GPS.N) gained 8.6% in premarket trade after the retailer surpassed quarterly sales and profit estimates, helped by steady demand despite a surge in inflation.

U.S.-listed shares of JD.com Inc gained 5.3% after the e-commerce firm posted better-than-expected third-quarter revenue, as COVID-19 lockdowns in China led more consumers to shop online. read more

WASHINGTON (Reuters) — U.S. House of Representatives Speaker Nancy Pelosi’s decision to step down from her leadership role after her fellow Democrats lost their majority in last week’s midterm elections positions Hakeem Jeffries, a liberal congressman from New York, as a likely top contender to lead the party for the next two years.

Jeffries, 52, would be the first Black House Democratic leader, representing both the party’s diverse voter base and bringing a new generation of leadership. Pelosi, the first woman to hold the job of speaker, is 82, and two other members of the party’s leadership are in their 80s. House Democrats are scheduled to vote on their leaders on Nov. 30.

Jeffries, who has held the leadership post of House Democratic Caucus chairman since 2019, also would represent a stylistic contrast to Pelosi, who made her announcement on Thursday. She has proven in two stints as speaker to be hard-charging, whereas he is generally considered more reserved.

“It’s Jeffries’ to lose,” said one House Democratic aide keeping close watch of leadership jostling, who asked not to be identified.

Pelosi and other senior Democrats have been under pressure to give way to a younger generation of Democrats in the 435-seat House.

Some other top Democrats may also covet becoming the top House Democrat.

Current House Democratic Leader Steny Hoyer, 83, said he would not seek a leadership position in the next Congress and backed Jeffries.

Also in the mix for the top leadership job might be the current No. 3 House Democrat, 82-year-old James Clyburn of South Carolina. Clyburn has been an important voice in the Congressional Black Caucus and played a major role in energizing President Joe Biden’s 2020 primary election campaign.

Clyburn told reporters ahead of Pelosi’s announcement that he intends to remain in the House Democratic leadership regardless of the path she takes.

“I plan to stay in leadership. I’ve been saying that all year,” Clyburn said, adding that he has “no idea” which leadership post he would fill in the next Congress.

“It’s up to the caucus,” Clyburn said.

Rep. Katherine Clark, 59, of Massachusetts is likely to run for the No. 2 Democratic leadership job, a post known as “whip.” Clark has served in leadership positions and, like Jeffries, is a member of the Congressional Progressive Caucus. Moderate Californian Pete Aguilar could move up from vice chairman of the caucus to become chairman, the job Jeffries now holds.

THE MINORITY PARTY

The next House Democratic leader will be expected to work closely with others in party leadership on legislation, strategy and messaging.

Democratic Rep. Adam Schiff, 62, has also risen in prominence over the past few years thanks to his leading role in the impeachment of Donald Trump and the subsequent investigation into the Republican former president’s role in the attack by his supporters on the U.S. Capitol on Jan. 6, 2021.

But Schiff does not have his eyes on a House leadership position and instead is considering a run for the U.S. Senate, a source familiar with his thinking said, speaking on condition of anonymity.

The post of minority leader wields far less clout that the speaker. The Democratic leadership team’s duty in the minority will be deciding if and when to help Republicans get essential legislation passed such as government funding bills, amid potential revolts from far-right Republicans.

Republican Kevin McCarthy, positioning himself to become speaker, will preside over a very narrow majority in the chamber, with no more than seven votes to play with, depending on the outcome of the few remaining House races still up in the air, with votes still being counted.

Top Democrats also will be responsible for promoting Biden’s agenda in the final two years of his term. And the party would defend him during any Republican-led House investigations of his administration or his family.

The party leader also plays a key role in raising campaign funds for House Democratic candidates – a task at which Pelosi excelled, having raked in hundreds of millions of dollars in her two-decade run.